Re Banesto Public Offering

Banco Santander Central Hispano SA
25 November 2002

Banco Santander Central Hispano successfully concludes the Public Offering of
pre-emptive rights of Banesto and reduces its participation in The Royal Bank of
Scotland Group plc ('RBS').

The public offering of rights to subscribe for new shares of Banesto made by
Banco Santander Central Hispano has concluded successfully, and 11.64% of its
share capital has been placed, at a price of euro 7.5 per share.

After having received the consent which was requested today from RBS to sell
shares in RBS, Banco Santander Central Hispano has reduced its shareholding in
RBS from 8 per cent to 5 per cent through the sale of 86.7 million ordinary
shares to a significant number of counterparties on a widely dispersed basis.

The combined effect of the two transactions on the capital ratios of the Group
places the current core capital at 5.4%, the Tier I at 8.3% and the total BIS
ratio at 13%.

                                                       Madrid, November 25, 2002


                      This information is provided by RNS
            The company news service from the London Stock Exchange